Missouri
(State
of
incorporation)
|
001-15007
(Commission
File
Number)
|
43-1532756
(IRS
Employer
Identification
Number)
|
o
|
Written
communications pursuant to Rule 425 under the Securities
Act
|
o
|
Soliciting
material pursuant to Rule 14a-12 of the Exchange
Act
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) Exchange
Act
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) Exchange
Act
|
Item
2.02.
|
Results
of Operations and Financial
Condition.
|
Item
9.01.
|
Financial
Statements and Exhibits.
|
(d)
|
Exhibits.
|
99
|
Press
release dated April 14, 2010.
|
DAVE & BUSTER’S, INC. | |||
Date:
April 16, 2010
|
By:
|
/s/
Jay L. Tobin
|
|
Jay L. Tobin | |||
Senior
Vice President, General Counsel and
Secretary
|
|||
News
Release
|
EXHIBIT
99
For
further information contact:
Jeff
Elliott or Geralyn DeBusk
Halliburton
Investor Relations
972-458-8000
|
ASSETS
|
January 31, 2010
|
February 1, 2009
|
||||||
Current
assets:
|
||||||||
Cash and cash
equivalents
|
$ | 16,682 | $ | 8,534 | ||||
Other current
assets
|
30,104 | 30,619 | ||||||
Total current
assets
|
$ | 46,786 | 39,153 | |||||
Property
and equipment,
net
|
294,151 | 296,805 | ||||||
Intangible
and other assets,
net
|
142,703 | 144,978 | ||||||
Total
assets
|
$ | 483,640 | $ | 480,936 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Total
current
liabilities
|
$ | 74,805 | $ | 74,349 | ||||
Other
long-term
liabilities
|
89,775 | 85,314 | ||||||
Long-term
debt, less current
liabilities
|
226,414 | 229,250 | ||||||
Stockholders’
equity
|
92,646 | 92,023 | ||||||
Total liabilities and
stockholders’
equity
|
$ | 483,640 | $ | 480,936 |
13
Weeks Ended
January 31, 2010
|
13
Weeks Ended
February 1, 2009
|
|||||||||||||||
Food
and beverage revenues
|
$ | 71,833 | 53.7 | % | $ | 74,348 | 55.1 | % | ||||||||
Amusement
and other revenues
|
61,812 | 46.3 | % | 60,570 | 44.9 | % | ||||||||||
Total revenues
|
133,645 | 100.0 | % | 134,918 | 100.0 | % | ||||||||||
Cost
of products
|
27,340 | 20.5 | % | 26,422 | 19.6 | % | ||||||||||
Store
operating expenses
|
74,612 | 55.8 | % | 75,800 | 56.2 | % | ||||||||||
General
and administrative expenses
|
8,158 | 6.1 | % | 9,742 | 7.2 | % | ||||||||||
Depreciation
and amortization
|
13,825 | 10.3 | % | 12,866 | 9.5 | % | ||||||||||
Pre-opening
costs
|
700 | 0.5 | % | 1,121 | 0.8 | % | ||||||||||
Total operating
expenses
|
124,635 | 93.2 | % | 125,951 | 93.3 | % | ||||||||||
Operating income
|
9,010 | 6.8 | % | 8,967 | 6.7 | % | ||||||||||
Interest
expense, net
|
5,340 | 4.0 | % | 7,224 | 5.4 | % | ||||||||||
Income before provision for
income taxes
|
3,670 | 2.8 | % | 1,743 | 1.3 | % | ||||||||||
Income
tax provision
|
3,760 | 2.8 | % | 382 | 0.3 | % | ||||||||||
Net income (loss)
|
$ | (90 | ) | (0.0 | )% | $ | 1,361 | 1.0 | % | |||||||
Other
information:
|
||||||||||||||||
Stores open at end of period
(1)
|
56 | 52 | ||||||||||||||
The
following table sets forth a reconciliation of net income (loss) to EBITDA
(Modified) and Adjusted EBITDA for the periods shown:
|
||||||||||||||||
Total net income
(loss)
|
$ | (90 | ) | $ | 1,361 | |||||||||||
Add back: Income tax
provision
|
3,760 | 382 | ||||||||||||||
Interest
expense, net
|
5,340 | 7,224 | ||||||||||||||
Depreciation
and amortization
|
13,825 | 12,866 | ||||||||||||||
Loss
on asset disposal
|
330 | 362 | ||||||||||||||
Gain
on acquisition of limited partnership
|
- | - | ||||||||||||||
Share-based
compensation
|
247 | 74 | ||||||||||||||
Currency
transaction loss
|
1 | 16 | ||||||||||||||
EBITDA (Modified)
(2)
|
23,413 | 22,285 | ||||||||||||||
Add back: Pre-opening
costs
|
700 | 1,121 | ||||||||||||||
Wellspring
expense reimbursement:
|
||||||||||||||||
Direct Expense
|
187 | 187 | ||||||||||||||
Third Party
Expense
|
155 | 985 | ||||||||||||||
Severance
|
101 | 906 | ||||||||||||||
Adjusted EBITDA
(2)
|
$ | 24,556 | $ | 25,484 |
52
Weeks Ended
January
31, 2010
|
52
Weeks Ended
February
1, 2009
|
|||||||||||||||
Food
and beverage revenues
|
$ | 269,973 | 51.8 | % | $ | 284,779 | 53.4 | % | ||||||||
Amusement
and other revenues
|
250,810 | 48.2 | % | 248,579 | 46.6 | % | ||||||||||
Total revenues
|
520,783 | 100.0 | % | 533,358 | 100.0 | % | ||||||||||
Cost
of products
|
104,137 | 20.0 | % | 104,738 | 19.6 | % | ||||||||||
Store
operating expenses
|
306,799 | 59.0 | % | 313,687 | 58.8 | % | ||||||||||
General
and administrative expenses
|
30,437 | 5.8 | % | 34,546 | 6.5 | % | ||||||||||
Depreciation
and amortization
|
53,658 | 10.3 | % | 49,652 | 9.3 | % | ||||||||||
Pre-opening
costs
|
3,881 | 0.7 | % | 2,988 | 0.6 | % | ||||||||||
Total operating
expenses
|
498,912 | 95.8 | % | 505,611 | 94.8 | % | ||||||||||
Operating income
|
21,871 | 4.2 | % | 27,747 | 5.2 | % | ||||||||||
Interest
expense, net
|
22,122 | 4.2 | % | 26,177 | 4.9 | % | ||||||||||
Income (loss) before provision
(benefit) for income taxes
|
(251 | ) | (0.0 | )% | 1,570 | 0.3 | % | |||||||||
Income
tax provision (benefit)
|
99 | 0.0 | % | (45 | ) | (0.0 | )% | |||||||||
Net income (loss)
|
$ | (350 | ) | (0.0 | ) % | $ | 1,615 | 0.3 | % | |||||||
Other
information:
|
||||||||||||||||
Stores open at end of period
(1)
|
56 | 52 | ||||||||||||||
The
following table sets forth a reconciliation of net income (loss) to EBITDA
(Modified) and Adjusted EBITDA for the periods shown:
|
||||||||||||||||
Total net income
(loss)
|
$ | (350 | ) | $ | 1,615 | |||||||||||
Add back: Income tax
provision (benefit)
|
99 | (45 | ) | |||||||||||||
Interest
expense, net
|
22,122 | 26,177 | ||||||||||||||
Depreciation
and amortization
|
53,658 | 49,652 | ||||||||||||||
Loss
on asset disposal
|
1,361 | 1,648 | ||||||||||||||
Gain
on acquisition of limited partnership
|
(357 | ) | - | |||||||||||||
Share-based
compensation
|
722 | 880 | ||||||||||||||
Currency
transaction (gain) loss
|
(123 | ) | 124 | |||||||||||||
EBITDA (Modified)
(2)
|
77,132 | 80,051 | ||||||||||||||
Add back: Pre-opening
costs
|
3,881 | 2,988 | ||||||||||||||
Wellspring
expense reimbursement:
|
||||||||||||||||
Direct Expense
|
750 | 750 | ||||||||||||||
Third Party
Expense
|
155 | 985 | ||||||||||||||
Severance
|
295 | 906 | ||||||||||||||
Adjusted EBITDA
(2)
|
$ | 82,213 | $ | 85,680 |